Solution: Approximately how much money will be in the account after 10 years?

(Last Updated On: December 8, 2017)

Problem Statement: ME Board October 1996

A deposit of P1,000 is made in a bank account that pays 8% interest compounded annually. Approximately how much money will be in the account after 10 years?

• A. P1,925.00
• B. P1,860.00
• C. P2,345.00
• D. P2,160.00

The money will be equal to P2,160.00 after 10 years.

Solution:

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